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A Vatican photographer captured O’Reilly meeting the Pope after his public address on Wednesday

In an internal memo sent to 21st Century Fox employees, the company wrote that the decision had been made after “extensive review done in collaboration with outside counsel”.

The letter – signed by Rupert Murdoch and his sons Lachlan and James – praised Mr O’Reilly as “one of the the most accomplished TV personalities in the history of cable news”.

“We have full confidence that the network will continue to be a powerhouse in cable news,” the statement continues, adding that they are committed to “fostering a work environment built on the values of trust and respect”.

Analysis: Anthony Zurcher, BBC News, Washington

The sexual harassment charges against Bill O’Reilly aren’t new. They’ve bubbled up before and have been quietly ushered from view, thanks to multimillion dollar legal settlements.

Now, however, they have brought down the top-rated conservative talk show on cable news.

So what changed? Was it lurid details of his alleged behaviour? The protests? Commercial sponsors abandoning his show? The impact the scandal could have on 21st Century Fox’s attempts to purchase European broadcaster Sky?

All probably contributed to O’Reilly’s exit. The crack in the proverbial dam, however, came when Fox News head Roger Ailes was sacked for his own sexual harassment scandal.

If Mr Ailes, who built the conservative television empire, could be laid low by his tawdry behaviour, no one was untouchable – even Mr O’Reilly.